- Location: Tallahassee, FL
- Deliver Year: 2004
- Beds: 312
- Size: 378,200 sq/ft.
- Transaction Type: NFP / Tax-Exempt
- Unit Type: Apartments
- Amenity Spaces:
Clubhouse
Florida State University, together with the Leon County Educational Facilities Authority, envisioned a residential community for special interest student groups, primarily Greek or fraternal organizations, on 37 acres near the Tallahassee campus. Capstone planned a development consisting of all two-bedroom, two-bath apartments in 13 residential buildings with 13 separate Chapter Houses. Capstone developed the site, along with housing and chapter facilities for 8 groups, and also made building sites available for another 5 groups to design, build and finance their own facilities. The Leon County Educational Facilities Authority controls the land under a lease from the State of Florida, and owns the leasehold improvements for at least 8 of the chapters, while subleasing building sites to another 5 chapters. Tax-exempt debt for the project was non-recourse to the Authority and the University, and funded approximately 85% of the development cost. FSU committed another $4,000,000 for site work, infrastructure and commuter parking to help in minimizing rents for the students. Heritage Grove was completed in 2004.
